Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

August 24, 2011 16:00 ET

Kaminak Drills High-Grade Gold at Supremo T3 Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2011) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced assay results from 31 reverse circulation (RC) drill holes from the Supremo T3 zone, located on the Company's 150,000 acre Coffee Gold property, Yukon Territory. The Supremo zone consists of at least 7 north-south trending gold-bearing structural zones (T1 to T7) which are co-incident with a well defined 2km by 2km gold-in-soil anomaly. The T3 structure has been traced for at least 600m and remains open along trend and to depth.

Key Results

CFR-27 – 11.6 g/t Au over 9.1m (from 18.3m) CFR-45 – 2.1 g/t Au over 27.4m (from 110.3m)
CFR-31 – 3.0 g/t Au over 13.7m (from 41.2m) CFR-46 – 4.3 g/t Au over 13.7m (from surface)
CFR-33A – 2.5 g/t Au over 19.8m (from 94.5m) CFR-50 – 19.9 g/t Au over 6.1m (from 8.2m)
CFR-34 – 9.8 g/t Au over 4.6m (from 21.3m) CFR-51 – 7.9 g/t Au over 12.2m (from 46.9m)
CFR-35 – 13.5 g/t Au over 15.2m (from 30.5m) CFR-52 – 10.7 g/t Au over 6.1m (from 87.5m)
CFR-36 – 8.7 g/t Au over 9.2m (from 50.3m) CFR-53 – 8.2 g/t Au over 18.3m (from 117m)

Key Points

  • RC drilling at Supremo successfully defines continuous high-grade, near-surface and oxidized gold within moderately plunging zones of the T3 structure.
  • Future drilling will focus on extending the T3 structure south of section 4325N where the last four consecutive holes yielded 19.9 grams per tonne gold (g/t Au) over 6.1m; 7.9 g/t Au over 12.2m; 10.7 g/t Au over 6.1m and 8.2 g/t Au over 18.3m down to 175m vertical.
  • New drilling also scheduled for T1 and T2 structures. Diamond drilling at T2 in 2010 yielded 3.73 g/t Au over 16m which remains open along trend. The T1 structure comprises a well-defined gold-in-soil trend that remains untested.
  • Gold-in-soil data and geophysical / structural interpretations suggest the Supremo gold-bearing structures extend towards the Connector and Latte gold zones, and northwards towards the Macchiato / Cappuccino Zones, for a possible potential strike length in excess of 2.5 kilometres.

Drill Summary

A total of 31 RC holes were drilled along 25m and 50m spaced sections of the T3 structure. All holes were drilled on a 270 degree azimuth (west facing) angled between 50 and 70 degrees. The T3 Zone is characterized by steep east -dipping, oxidized gold mineralization varying in true width from 5m to 30m. Overall, the results confirm the lateral and vertical continuity of the T3 structure along trend. Notably, holes from the most southerly section 4325N consistently returned strong mineralized intervals down-dip to approximately 175m vertical, including 19.9 grams per tonne gold (g/t Au) over 6.1m (CFR-50); 7.9 g/t Au over 12.2m (CFR-51); 10.7 g/t Au over 6.1m (CFR-52) and 8.2 g/t Au over 18.3m (CFR-53). This significant zone of high grade mineralization remains open to the south along strike and at depth.

On cross-section the T3 structure consistently maps as a steep, east-dipping structure comprised of hydrothermally altered felsic gneiss carrying abundant sericite, clay and pyrite. An initial longitudinal section has also been constructed along the trace of the T3 structure and interpretations suggest high-grade intercepts may be controlled by a moderate south plunge. These observations have helped focus the 2011 drill plan and provide priority drill targets. All maps, sections and assay sheets are currently available on the Kaminak website, www.kaminak.com.

Table 1 – Complete Assay Table

Drill Hole # From (m) To (m) Interval (m)* Weighted grade (g/t Au)
CFR-022 22.86 30.48 7.62 2.64
CFR-023 70.71 79.86 9.15 1.77
CFR-024 47.24 53.34 6.1 3.28
CFR-25A 80.77 83.82 3.05 1.06
CFR-027 18.29 27.43 9.14 11.61
Incl. 24.38 25.91 1.53 58.7
and 38.1 45.72 7.62 1.54
CFR-028 71.63 76.2 4.57 3.29
CFR-029 135.64 141.73 6.09 1.57
CFR-030 143.26 147.83 4.57 1.19
CFR-031 41.15 54.86 13.71 3.01
and 65.53 68.58 3.05 3.54
CFR-032 77.72 83.82 6.1 2.26
CFR-033A 94.49 114.3 19.81 2.54
CFR-034 21.34 25.91 4.57 9.82
CFR-035 30.48 45.72 15.24 13.50
Incl. 35.05 39.62 4.57 29.4
CFR-036 50.29 59.44 9.15 8.67
Incl. 53.34 56.39 3.05 22.1
CFR-037 93.27 96.32 3.05 1.42
CFR-038 22.86 24.38 1.52 3.41
CFR-038A 24.69 26.21 1.52 2.42
CFR-039 24.99 31.09 6.1 2.37
CFR-040 167.94 169.47 1.53 2.44
CFR-041 148.44 166.73 18.29 0.89
CFR-042 125.58 128.63 3.05 2.33
CFR-043 60.05 61.57 1.52 5.07
CFR-044 93.57 121.01 27.44 1.6
CFR-045 110.34 137.77 27.43 2.11
CFR-046 0 13.72 13.72 4.28
Incl. 1.22 2.44 1.22 22.5
CFR-048 82.3 83.82 1.52 1.75
CFR-049 33.83 39.93 6.1 5.3
CFR-050 8.23 14.33 6.1 19.9
CFR-051 46.94 59.13 12.19 7.85
CFR-052 87.48 93.57 6.09 10.66
Incl. 90.53 93.57 3.04 20
CFR-053 114 167.34 53.34 3.31
Incl. 117.04 135.33 18.29 8.23
*True width estimated at approximately 2/3 core length. Holes CFR-025, 026, 33 and 047 were abandoned due to poor ground conditions / mechanical issues.

Reverse Circulation (RC) Drill Methods

Kaminak is employing a Northspan Explorations Ltd 'Super Grasshopper' track mounted RC drill rig with capacity to drill to 600ft depth. The mobile drill is proving highly effective at rapidly testing along strike of existing drill intercepts and beneath previously un-drilled soil and trench anomalies. The rig utilizes a centre sampling (face sampling) drill bit and auxiliary compressor and booster to deliver clean dry sample. All drill samples are passed through a riffle splitter to obtain a homogenized and representative 2-3kg sample for assay. Results of twinning (i.e. drilling immediately adjacent to) existing diamond core holes indicate that the RC method is of comparable quality to the core. The Company is therefore confident in the employment of RC drilling as a highly effective tool to compliment ongoing diamond core drilling over the Coffee Gold Project.

QA / QC

Kaminak's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Dr. Rob Carpenter, Ph.D., P.Geo., Kaminak's President and CEO, who serves as a Qualified Person under the definition of National Instrument 43-101. Quality assurance and quality control procedures include the systematic insertion of blanks and standards into the drill core sample string. Samples are placed in sealed bags and shipped directly by charter plane to the ALS CHEMEX preparatory laboratory in Whitehorse prior to gold fire assay and ICP-MS analysis. The Coffee property is an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

On behalf of the Board of Directors of Kaminak

Rob Carpenter, Ph.D., P.Geo., President and CEO

Kaminak Gold Corporation

For further information about Kaminak Gold Corporation or this news release, please visit our website at: www.kaminak.com

Kaminak is a member of the Discovery Group of companies. For more information on the group please visit: www.discoveryexp.com

Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kaminak's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Kaminak expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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